Fuel prices rise again, petrol to touch Rs 100/ltr in Mumbai soon


New Delhi, May 11 (IANS): Retail price of regular petrol and diesel in the city of Mumbai may soon cross Rs 100 a litre and Rs 90 a litre respectively, its highest level ever, with prices of the two auto fuels being revised upwards again by Oil marketing companies (OMCs) on Tuesday.

Petrol prices in Mumbai rose by 26 paisa to Rs 98.12 a litre on Tuesday. Similarly, diesel prices in the city also rose 31 paisa per litre to Rs 89.48, the highest in all four major metro cities in the country.

Premium petrol prices have also already crossed the Rs 100 per litre mark in the city and other parts of the country through increase in the retail rates in the month of January and February. In fact, even regular petrol prices are already over Rs 100 per litre in parts of Madhya Pradesh, Rajasthan and Maharashtra.

he Tuesday's price rise by OMCs is second consecutive such revision this week. Even last week, fuel prices increased on four consecutive days before a pause during the weekend.

The fuel price rise has made auto fuels touch new highs every day. Before this year, Petrol and diesel prices reached the highest level in October 2018 when crude prices were over $80 a barrel. The all time high levels of petrol and diesel reached this year even though crude is still around $68 a barrel.

The Tuesday's price rise has made petrol and diesel prices dearer across the country but its quantum varied depending on the level of local levies in respective states.

Prior to holding back auto fuel prices on Saturday and Sunday, its pump rates had increased sharply on previous four days. Petrol and diesel prices rose by 15 paisa and 18 paisa per litre respectively on Tuesday, by 19 paisa and 21 paisa per litre respectively on Wednesday, by 25 and 30 paisa respectively on Thursday and by 28 paisa and 31 paisa per litre respectively on Friday after a 18 days break.

IANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices. The oil companies had already increased the ATF prices by 6.7 per cent effective this month.

OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate. In the last fortnight global oil prices have hovered in $66-67 a barrel range higher than the levels when petrol and diesel prices were last revised. Crude prices have jumped around $68 a barrel now.

The price of the two auto fuels had fallen by 16 paisa and 14 paisa per litre respectively on April 15 after a 15 day break when OMCs kept its prices static. Thereafter revision of fuel prices have been halted.

The OMCs went on price cut for the first time this year on two consecutive days - March 24 and 25 after keeping oil prices steady for past 24 days. It again reduced the price on March 30. Thereafter, fuel prices have remained unchanged for 15 days before falling again on April 15. In all petrol prices have fallen by 77 paisa per litre while diesel by 74 paisa per litre in 2021 so far.

Earlier, petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.

With global crude prices at around $68 a barrel mark, OMCs may have to revise fuel prices upwards again if there is any further firming up.

 

  

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Comment on this article

  • Ranjan, Bangalore

    Tue, May 11 2021

    Petrol/Diesel -- is sold to Nepal from India and smuggled back to neighboring states like BIHAR - INDIAN PETROL SOLD TO NEPAL IS CHEAPER IN NEPAL - This is the irony- ( Of course because of taxes--) ------ INTERNATIONAL PRICES ARE NOT HIGH - as compared to 5 years back - Barrel of OIL is approx USD 60 / and reached 100 +++ -- In addition the economy is slowing - COVID - job loss etc- So not because of high demand - WE HAVE EXPENSES LIKE - CENTRAL VISTA - 20000 cr - 2 Aircrafts latest - 10000 / cr -- Meaningless election campaigns which are the costliest in the world etc etc --

    DisAgree Agree Reply Report Abuse

  • Langoolacharya., Belman / Washington, DC.

    Tue, May 11 2021

    People, Jossey Sir's dream comes true.... Jai Modiji....Jai Ambaniji....Jai Thakreji....Jai CONgress ruling Pudari's of Maharashtra as Well... ...Tak...Takk...

    DisAgree Agree [1] Reply Report Abuse

  • Manoj, Mangalore

    Tue, May 11 2021

    Elect a clown and expect a circus .

    DisAgree Agree [14] Reply Report Abuse

  • David Pais, Mangalore

    Tue, May 11 2021

    Motiji's circus in vaccination & oxygen supply?????????

    DisAgree [1] Agree [3] Reply Report Abuse

  • AM, Mangalore

    Tue, May 11 2021

    Dancing queen big mouth Marthi Irani where is she now?. Where is star of melinium, panama fame? where is takla kher and akshay. Wherever they want to take credit come out and shout and now thier mouth is double stitched. Hypocrytes

    DisAgree Agree [13] Reply Report Abuse

  • Ramesh, Udupi

    Tue, May 11 2021

    Time to peddle bicycle. Bakatas needs to answer this for voting uneducated leader.

    DisAgree [1] Agree [17] Reply Report Abuse

  • Bhavya Baliga, Udupi

    Tue, May 11 2021

    Borrow to buy a cycle and be happy.

    DisAgree [5] Agree [1] Reply Report Abuse

  • myna, mysuru

    Tue, May 11 2021

    With petrol price touching Rs 100 in Mumbai why have Mumbaikers Amitabh Bachchan, Anupam Kher and Akshay Kumar kept their mouth shut when they went hammer and tongs against Dr Manmohan Singh when the petrol price was Rs 60??? These are opportunists who have a slavish mentality and do not have concern for the common man. As long as their coffers are full they use people for their convenience. Men without a Conscience.

    DisAgree Agree [17] Reply Report Abuse

  • myna, mysuru

    Tue, May 11 2021

    With petrol price touching Rs 100 in Mumbai why have Mumbaikers Amitabh Bachchan, Anupam Kher and Akshay Kumar kept their mouth shut when they went hammer and tongs against Dr Manmohan Singh when the petrol price was Rs 60??? These are opportunists who have a slavish mentality and do not have concern for the common man. As long as their coffers are full they use people for their convenience. Men without a Conscience.

    DisAgree Agree [8] Reply Report Abuse

  • Pinky, Shirva

    Tue, May 11 2021

    Since 2014 only rising. Fuel & cooking gas prices are rising. Essential commodities prices are rising Modi's beard is rising Modi's age is rising. Lies are rising. Corona infection & deaths are rising. Crimes are rising. Hatred is rising. Cow urine & dung bath is rising. Andh bhakths are rising. Fear & lynching is rising. Only citizens income is declining sharply.

    DisAgree [2] Agree [21] Reply Report Abuse

  • Alphonse Rodrigues, Udupi

    Tue, May 11 2021

    Ache din aagaye haim. raam naam satya hair.....

    DisAgree [2] Agree [15] Reply Report Abuse

  • M.I.A, UDUPI

    Tue, May 11 2021

    Congratulations !!!

    DisAgree Agree [11] Reply Report Abuse

  • Vicky, Damaskatte

    Tue, May 11 2021

    Right decision. Only person who needed its service can use on road. For bringing liquor/meat products go by walk. Somewhat rush will be less on road. All other states already hit century many months back itself.

    DisAgree [35] Agree [2] Reply Report Abuse

  • rolf, Dubai

    Tue, May 11 2021

    Don't worry we will send more oxygen .

    DisAgree [3] Agree [14] Reply Report Abuse

  • Moshu, Mangalore

    Tue, May 11 2021

    Your constant blunders making the laughing stock of the whole class. You need to work on your level of IQ.

    DisAgree Agree [5] Reply Report Abuse

  • David Pais, Mangalore

    Tue, May 11 2021

    fueling da fuel prices. aagko theil daal raha hai.

    DisAgree [1] Agree [18] Reply Report Abuse


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